By Spectrum Business
Managing the finances of your company is one of your most important and most time-consuming tasks. However, using online and mobile cash management tools can help you do this part of your job more efficiently.
Many business owners are already doing basic banking and cash-management tasks online, such as balance-checking, fund transfers and online bill pay. Try moving to the next level of mobile and online cash management with the following tools:
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By scanning checks for deposit — either using a scanner or your mobile device — you can quickly deposit checks without making a trip to the bank. This approach saves you time and may give you access to your money more quickly by getting your checks to the bank in a timely manner.
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Using apps from major banks, you can send short texts to complete basic banking tasks and find the nearest ATMs. Short text messages let you check your balance, check due dates for your credit card payments, transfer funds and view account activity.
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All business owners want to be paid quickly. Electronic payments (electronic funds transfer from a customer’s account to yours, typically on a set schedule) make it easy for customers to pay your business. A customer who uses online banking can simply add you to their list of payees in order to make a payment to your company.
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Bill paying is time consuming and deadline dependent. With automatic payments you can pay vendors electronically and automatically. It can save you time, ensure that your bills are paid on time and allow you to set up your bill payments early to take advantage of early payment discounts where they exist.
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Many online banking systems feature alerts that can monitor your account activity and notify you about low balances, cleared funds or other occurrences in your account. These alerts can help you avoid fees, save time checking your account and plan purchases or payments based on your available cash.
